June 2017
WESTPAC : McDERMOTT MILLER
EMPLOYMENT CONFIDENCE SURVEY
30 June
2017
MEDIA RELEASE
“In the June quarter 2017 the confidence of employees in the employment situation
lifted 3.5 points to 113.4 on Westpac : McDermott
Miller’s Employment Confidence Index (ECI).
The positive shift in employment confidence in the June survey more than
offset the dip in employment confidence in the March quarter, and reaches its highest
level in 8 years” announced Richard Miller, Managing Director of Strategy and
Economics Consultancy, McDermott Miller Limited.
“The confidence of New Zealand employees is rising, with a significant proportion
stating they are better off in terms of earnings in paid work now than they
were this time last year; and, expect to be so over the year ahead” explained
Miller.
“All employee age groups are more optimistic about their employment
situation” noted Miller. “Middle aged
employees are most confident and, unsurprisingly older employees least
confident. As usual, employees in metropolitan areas are relatively more
optimistic about the employment situation than employees living in rural areas,
but interestingly, the latter had the larger quarterly lift in employment
optimism” stated Richard Miller.
“Employment confidence in the public and private sectors continues to
diverge with private sector employees’ becoming increasingly optimistic (EC
Index up 5.5 points to 118.1 this quarter) compared to those in the public
sector, down a little (0.5 points to 108.1)”, noted Miller.
“With rising employment confidence, and consolidating consumer optimism,
the New Zealand outlook for employees looks positive”
observed Richard Miller.
ENDS
30 June
2017
Richard Miller, Managing Director
McDermott Miller Limited
Tel: 04 471
8500
Mobile: 027 451 0158
Index Background
The
Index is based on survey results of a representative sample of 1555 New Zealand
households interviewed during 1-11 June 2017.
It is made up of five component questions: (1) whether people feel that
jobs are plentiful or hard to get now; (2) what job opportunities will be like
in a year's time; (3) whether they are earning more or less now compared to a
year ago; (4) what their earnings will be like in a year's time; and (5) how
secure they feel in their present job. Questions 1 to 5 are used in the
Employment Confidence Index, while questions 1 and 3 are used to calculate a
Current Employment Conditions Index and questions 2, 4 and 5 are used to
calculate an Employment Expectations Index.
The
Index is intended to provide an indication of the level of job security amongst
NZ workers and their wage expectations, and hence an insight into their
willingness to spend. Over time, it is possible the Index may become a leading
indicator for employment growth.
Acknowledgement
The Westpac: McDermott
Miller Consumer Confidence Survey and Index is owned
by McDermott Miller Limited. Westpac : McDermott
Miller should be acknowledged as the source when citing the Index, just as
Westpac-Melbourne Institute should be acknowledged when citing the Australian
Index of Consumer Sentiment. Graphs supplied may be reproduced by the news
media provided the Westpac: McDermott Miller logo remains inset.